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Acceleware Ltd
> CJ MOVES AHEAD With REFORD 6,000 Bbls/d BOP SAGD PROJECT
Post by
ztransforms173 on Feb 12, 2024 5:38pm
CJ MOVES AHEAD With REFORD 6,000 Bbls/d BOP SAGD PROJECT
- CARDINAL ENERGY LIMITED OWNS the 7.5% ROYALTY on the AXE MARWAYNE RF XL PILOT
*** Operations Update
Saskatchewan Thermal Project Update
Cardinal has entered into an agreement with Propak Systems Ltd. (“Propak“) for the engineering, fabrication and field construction of the Reford, Saskatchewan central processing facility, including the first steam assisted gravity drainage (“SAGD“) well pad. The fixed-price agreement with Propak, which represents approximately half of the total estimated project cost, provides cost certainty for Cardinal, in addition to reducing manufacturing uncertainty as a result of Propak’s ability to manufacture and fabricate the modular facilities in a controlled indoor environment.29dk2902l
As previously communicated in the Company’s 2023 third quarter earnings release issued on November 6, 2023, Cardinal has initiated a SAGD project in its Reford, Saskatchewan operating area, that upon completion, is expected to produce approximately 6,000 bbl/d (100% heavy crude oil). The initial development phase of the project is expected to be completed within a budget of $155 million prior to the end of fiscal 2025.
https://boereport.com/2024/02/12/cardinal-energy-ltd-announces-february-dividend-and-operational-update/
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z173
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